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Over 600 Bitcoin ATMs were shut down across the globe in the first two months of Q3 2024, as authorities ramped up their efforts to combat scams and fraud in the cryptocurrency ATM industry.
Over 600 Bitcoin ATMs Offline Globally in Two Months
During the first two months of Q3 2024, over 600 Bitcoin ATMs went offline worldwide, with the United States having the highest number of shutdowns.
This is happening at the same time when law enforcement is actively trying to shut down Bitcoin ATMs, which are used for extortion and scams, as reported by Cointelegraph.
435 Bitcoin ATMs Were Lost in July Alone
The worldwide Bitcoin ATM network had a loss of 435 machines in July and 182 units in August, according to statistics from Coin ATM Radar. With 411 and 258 ATMs reported lost during that time, the United States had the largest impact on the overall figures.
Chico, California's municipal government committee discussed Bitcoin ATM regulation on August 7. The effort to regulate these ATMs was discussed by Andy Pickett, chief administrative officer at the County of Butte. Pickett suggested that they be handled "more like a bank."
Since 2020, the number of Bitcoin ATM scams has multiplied by 10, according to the United States Federal Trade Commission (FTC). Con artists are capitalizing on the secrecy and speed of cryptocurrency transactions. Crypto ATMs are like regular cash machines; they only let you buy Bitcoin and other cryptocurrencies using your card.
Older Victims Are More Vulnerable to Bitcoin ATM Fraud
Bitcoin ATM frauds cost more than $110 million in 2023, according to the FTC, and victims older than 60 were three times more likely to fall victim to one of these schemes. Individual con artists may often use deceptive or outright false claims to lure unsuspecting victims into transferring money through Bitcoin ATMs.
According to Coin ATM Radar, there are 38,790 crypto ATMs in operation around the globe as of September 5th.
91% of Bitcoin ATMs Located in North America
Virtually all Bitcoin ATMs (approximately 91%) are located in the United States and Canada.
About 28691 cryptocurrency ATMs, or almost 74% of the total, are operated by the top 10 operators. The company "posts scam warnings" on its kiosks and "has screen prompts that warn customers of scam potentials," according to Bitcoin Depot, which operates 8512 machines, which is the greatest number of ATMs (21.9%).
